Indianapolis Times, Indianapolis, Marion County, 30 December 1940 — Page 17

* MONDAY, DEC. 30, 1940

BUSINESS

Armament Plant Construction Overshadows

Other Expansions in Indiana Industries By ROGER BUDROW

INDIANA OCCUPIES A STRATEGIC position in the industrial construction for nation defense, according to G. D. Deabler of Indianapolis, resident manager of the Austin Co.,

one of the nation’s biggest firms.

“The need for more extensive plant facilities for the production of airplane engines, diesel power units, machine tools and radio equipment in this area, on top of the job of accommodating shell and armor plate production, has almost completely overshadowed the continuing interest of consumer industries still in need of new plants,” he said.

“While “shell manufacturing can be adequately accommodated in unoccupied plants already available, the other industries need up-to-date plants which will be conducive to efficient operation, not only during this emergency but after it.” Mr. Deabler said airplane engine m a n u facturers and certain other high precision industries . are showing much interest in the windowless “pla ckou t” plants, like Allison, where airconditioning and fluorescent lighting provide complete control 2 over working Roger Bulrow conditions 24 hours a day and the whole year round. He believes increasing employment of clerical workers will force many industries to build new office structures. And there is a growing need for increased research facilities, he says. Some concerns are taking advan= tage of the present upturn and encouraging outlook and are replacing obsolete, inefficient plants with modern layouts where they can gain the economies of straight-line operation. He feels that most companies have not and will not go forward with plant expansions until they find it impossible to handle increased business by continuous operation of their available plants on three shifts. ¢ 8” 9 THE AVERAGE AMERICAN family spends about $1236 annually

In retail stores, according to the |

Census Bureau. Largest “expenditures is for food, averaging about $310. Maintenance of the family car is second "with around $166 being spent to buy a new or used car and some $83 spent et filling stations. Other : annual expenditures: Department store and general merchandise $176; apparel and shoes, $96; furniture, household and radio supplies, $51; eating and drinking places, including bars, $104; lumber building materials and in hardware store, $80; ‘and in miscellaneous stores, $80. ” ” ”

ODDS AND ENDS—Germany’s trade agreement, with Spain swaps about half the Spanish exportable surplus of oranges this year for credit in Germany. . . . Office of Foreign - Agricultural Relations reports acute wheat China, Manchuria and Japan. . . . Dr. Herman B Wells, president. of Indiana University, has been renamed chairman of Federal Home Loan Bank here; Fermor S. Cannon reappointed vice chairman, and Dr. Carleton B. McCulloch renamed public interest director. . . . About cne-third of the New York Stock Exchange member firms want trading extended another hour each day (frcm 3 to 4 p. m.).

YN XY N - LOCAL ISSUES ‘The Olowine Suotations by the Indiante Corp. do not reprefferings. the approximate market level on buying 2g selling quotations of recent transactio ‘Bia

but merely

TE tocks hance Corp som.

nts 16 ee Stk Yds com.

i ‘| committee headed by Mr. Witherow

0 CoM ... . n Camp Milk pfd .. an Camp Milk com. Bonds : erican Loan 58 5l....cu000. erican_ Loan Lae «]

rv Co * 109° b Tel Co 4Y%s 10 Ri chmand ates us, 5s 57.. -104% 303 c Term ors 6s . 18% 6%

“Ex-dividen

U. S. STATEMENT

GTON, Dec. 30 (U. P.).—Government expenses and receipts for the current fiscal year through Dec. 27, compared with a yea ar S50

ast Ye .$5,032, ors: 154. "01 $4, 763. 624, 631. 28 2-8 393. 929

enses

Clearings Debits:

DAILY PRICE I INDEX

YORK, Dec. 30 (U. P.).—

eesrtesatrnananse . 9,327,000

Dun & Bradstreet’s daily weighted)g,

price’ index: of 30 basic commodities, compiled for United Press (1930-32 average equals 100): Saturday S00 sss c0sc ese .124.65 Week Ago ces eseeve ssc esi ess]: 17 Month Ago 00000 000000 10000 .124.02 Year sevaeesesneensess Holiday|d 1940 High (Dec. 28) «cceece...124.65 1940. Low (Aug. 19) cra d1202| 1

shortages in| Bobbs-Merrill Co., but other work is also accepted. Employees will be paid salaries, he said, and profits divided [Bun

- {the 1941 .chairmanship of the de-

tion of Manufacturers to aid in ex-

engineering and construction

APPROVES 11 WPA PROJECTS

Are Proposed for Ft. Harrison.

Administrator John K. Jennings and

action. The projects, totaling $1,380,337, included two for construct-

at Ft. Benjamin Harrison at a cost of $895,731. Other proposals include construction for a comfort station and remodeiing the fire engine house at Roanoke, $5214; construction of an addition and remodeling the hos- | pital building of Irene Byron Sana- [4 torium at Ft. Wayne, $28,300. Others are: Construction of a water works system at Monterey, $28,440; a land use survey at New Albany, $17,877; improvement of Oakland City streets, $66,949; reconstruction of sewer at Columbia City, $3490; improvement of county park at New Castle, $14,286; improvement of Winchester municipal park, $117,050, and improvement of Orleans streets, $203,000. ;

BINDERY HERE SOLD

The Pivot City Book Bindery, a

tain, has been purchased by its em-

co-operative basis. The business, bought with the financial aid of an undisclosed friend, has heen incorporated as the Indianapolis Book Bindery, Inc.

724 N. Meridian St.

A. Hittle, vice president, and Miss Myrtle C. Beirsdorfer, secretarytreasurer. The other three em-ployce-owners include C. Roy Mountain, brother of the former owner; Arthur Case and Francis E. Leach. Mr. Henby said most of the business is binding the law books of

equally at the year’s end.

WITHEROW TO HEAD N. A. M. DEFENSE AID

PITTSBURGH, Dec. 30 (U. P.). — William P. Witherow, president of Blaw-Knox Co. today accepted

fense and industrial mobilization committee of the National Associa-

pedition of the National Defense program. According to the N. A. M. announcement, sub-committees will be appointed under direction of the

to consider every phase of defense

named to act as liaison between the N. A. M. and Government agencies, while another sub-committee will

national defense as relating to industry.

Incorporations

Howard County Farm Bureau Co-Opera-tive Credit Union, Kokomo; amendment increasing a stock to 10,000 shares u

of $5 par 522 Armstrong-Landon

Bend: registra“Prudent Peggy Whitley

e. Arkacy, Inc, Bldg., Kokomo; agent, Frank I. Kilcline, same address; 100 hares of $1 ow value; real estate business; Frank I ilgine Ralph K. Clifford, Herbert M. orer White Castle System, Inc. Columbus, O.; registration of trade- mark, SVhite Castle—Buy ’em by the Sac (construction materials) arg 34 aad iy ingredients of foods) orth’s, Inc. South tion of tra de-marks: Frocks,” ‘Polly Harper,’”’ ‘Jane Originals. '* class 38; clothing. T New Castle Printing

Castle; amendment increasing hor cammon stock to 8000 shares no par value and number of directors to seven. Roberts Filter Mfg. Co., Pennsylvania corporation: withdrawal from Indiana, Homo Ad Oorn., P.O. Bo 314, "Michigan City; agen E. Gardner, 1412 Lake Shore Dr. Wehigan City; 100 shares no par value; to manufacture and sell dairy equipment} Orrin K. ingion, John Gar aner: Elizabeth Gardne s & Co.. lise te: registration of "adyertising phrase or slogan, “Leisure Pals,” class 38; clothing. Laird Construction Cos Michigan cornoration: change of ent to Fred C. Marks, c-0 Dav ess Mer in Rural Electric Membership Corp.. Washingson, nd. Drake Supply, Inc., pep ) Madison Ave. Indianapolis; agent, F. Brinker, 778 Broadway, Sadianapols: 250 shares no par Sie; Jealine & dairy squipments Henry F. Brinker, G. Drake, Harry C Hendrickson. Wayne Coal Co., Ft. Wayne; solution.

LOCAL PRODUCE

Heavy breed hens, 12c: bareback hens, 11c; Leghorn hens, Sw bareback Leghorn : ‘White Rock springers, 13¢; other colored heavy breed spring-

dis-

springers, 9c; old rooste Indiana Grade A large eggs. 23c; Indiana ade A ediam eggs, 20¢; small Grade A and N No. 3 SEES y HE, 10 Reade, yee BL@ tter—No. ; No. 34c; butterfat, No, 1, 32¢; No. 1c. (Country pickup prices - quoted by the Wadley Co.).

WAGON WHEAT

rojas olis aTalD elevators are payin Poh heat, 83c: subject to change other grades on m corn: New No. d new vellow shelled corn,

FZ “new " No. hite ghe . : . 3 white St So gaslied Som, a)

fet

the Sate

LOANS

The CHICAGO

_. 146 E. WASHINGTON ST.

on on Everything!

Diamonds, Watches, Autos, Cameras, Clothing, Shotguns, Etec. EWELRY CO, Ine.

$895,731 in Improvements|i

Eleven proposed WPA projects i have been approved by State WPA |3

submitted to Washington for final 4

ing buildings, sidewalks and utilities 4

TO SIX EMPLOYEES

21-year-old concern owned by the nit de estate of the late George W. Moun-

ployees and will be operated on a ¢

.11Comwith Edison 20%

It| Cons will continue at its location in the|Sons Edi basement of the Bobbs-Merrill Co.

Co John W. Henby is president; Beda gont

activity. A special group will be|& G

deal with proposed legislation on|&

ers, 12¢; Leghorn te" bareback |

THE

Indiana Steel Mills Set New Record

INDIANAPOLIS TIMES

1932 1933 1934

ness Research.

1935 1936 1937

1938 1939 1940

The steels mills in northern Indiana and Illinois broke another record in November when their production rate topped the all-time high set in October, averaging 98.6 per cent of capacity. Toward the end of the month production schedules were at 100 per cent, according to Indiana University's Bureau of Busi-

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—

Expected fo

Times Special

ture, is a vital problem.

from reports presented here. Analysis of records kept by the United States Steel Corp. indicated

‘| to Dr. Mordecai Ezekiel and Miss

Kathryn H. Wylie, economists of the U. S. Department of Agriculture, however, that stepping up production from 50 per cent to 80 per cent of capacity actually decreases the unit cost ef production about 17 per cent to 19 per cent. Labor costs per ton of steel decrease materially as the output is increased, Miss Wylie told the statisticians. When a plant is operating at only 20 per cent of its capacity, it takes 56 man-hours of labor to make a ton of steel. If

full capacity, the labor per ton

| would amount to only 32 man-

hours. Output per additional man-hour, she said, is about three times as great at 90 per cent capacity as it is when the plant slows down to only 40 per cent capacity. “If this relation is found to hold true,” she caid, “in other mass-pro-duction industries such as automobiles, cement, aluminum, etc., material revisions may be required in much of current economic theory to make its: assumptions consistent

With She Jats of a major part of industry.” |

| Saturday

a | Nash Kelv

13 |Oliver Farm E 18%

. Owens Ill Gi..

| Pac Finance ..

Avy UNITED PRESS

DOW-JONES STOCK AVERAGES 80 INDUSTRIALS ) ... 130.11 4-060 Week ARO ccoteces eee 128.41 —0.48 Month Ag0 «ctsicesccancsss 130.93 —0.07 Year Ago ....... Holiday High (1940), 152. 80; Low, ut. 84. High (1939). 155.99; Low, 121.44. 20 RAILROADS o | Saturday tedtas sarees tes Week AZO ...ievessccccscane Month ARO ...cocoses Year Ago -.......c00un crbes High (1940). 32.67; Low, 22.14. High (1939), 35.90; Low, 24.14. 15 UTILITIES SAtUrdAY ..c.coctecnnninnnes Week ARO .iccocacccecsnnnes Month Ago Year Ago High (1940), 26.45; Low, 18.03. High (1939), 27.10; Low, 20.71.

27.85 0.27 21.10 —0.0% 28.03

19.80 0.05 19.54 —0.15

Holiday

High Low Last a Jarvis Co ..... 123% Jewel Tea ..... 3 Ya Johns-Man 3 582 Jones & L 7 of 10 Ya 10634 fl Ya 131;

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the output could be stepped up to)

Scott P

inn in Steel an

Cut Unit Costs

CHICAGO, Dec. 30.—Whether the steel industry, which. reaches flexible fingers into many other industries, can step up its output in time with defense tempo and at the same time reduce its cost of manufac-

Some economists hold that the cost of making a ton of steel is practically the same whether the plant is running at 80 per cent capacity or at only 50 per cent, the American Statistical Association has learned

“Our defense planning,” Dr. Ezekiel and Miss Wylie conclude, “requires such information about our major industries that it may be most effective. Since steel is one of the major raw materials of defense, knowledge of the cost functions in that industry is particularly important. “The prices which the Government will pay for steel might be directly related to costs at different levels of output. Execessive profits might easily result from inadequate knowledge of these relations. On the other hand, the industry might be adversely affected by the adoption .of an unduly low price structure without adequate knowledge of these relations.” The steel industry is in a peculiar position in regard to the balance of increased purchasing and lowered prices, Dr. W. Gregg Lewis, of the University of Chicago, told the meeting. The railroads ‘as large purchasers of steel were cited by Dr. Lewis as an example of this dislocation. Since the railroads do not sell steel products but services, he explained, the amount of their purchases depends upon the amount of travel or

ship and not the. of

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: WHEAT PRICES GAIN

HALF GENT A BUSHEL

CHICAGO, Dec. 30 (U. P.)— Wheat exhibited a firm tone on the Board of Trade today but made

in the market was generally moderate. : The market gained about 12 cent a bushel at the best after which there was some leveling off. Other grain followed the action of wheat. At the end of the first hour, wheat was up % to-% cent, May 87Tc. Corn was unchanged to up % cent; oats up !s cent; rye up % to ag cent, and soy beans up 1% to off 18 cent.

relative strength in Kansas City and Minneapolis inspired moderate commission house support at the outset. Failure of buying power to follow the ‘upturn, however, caused some recession from the top Selling was scattered and mostly for local account.

TEN IN STATE GET BIG AAA PAYMENTS

WASHINGTON, Dec. 30 (U. P). —The Agricultural Department today announced that 10 Indiana farmers or firms .had received payments of $3000 or more for participation in AAA farm programs during 1938. The largest single payment made in the state was $9804 to the Lincoln National Life Insurance Co., Ft. Wayne. Other payments in the list ‘were $4260 to John C. Blood, Grayville; $3214 to John Brevoort, Vincennes; $3280 to Albert Leslie Colvin, Indianapolis; $4450 to Otto G. Fifield, Crown Point; $3000 to the Fowler State Bank, Fowler, and $4991 to Robert C. Graham, Washington, Ind. : Also $4917 to Mitchell Partnership, Windfall; $3407 to the State Life. Insurance Co., Indianapolis, and $6380 to L. A. Waugh, Brookston. Payments over $1000 each amounted to $215,236.

BUSINESS AT A GLANCE

By UNITED PRESS

Federal Reserve Board estimates week ended Dec. 31 country-wide department store sales up 7 per cent from year ago. Louisville Gas & Electric Co. (Kentucky), 12 months ended Nov. 30, net income $2,867,352 vs. $2,746,050 previous 12 months. . Ohio Oil Co., nine months ended Sept. 30, net income $7,153,891, equal to 85 cents a common share vs. $120, als or 34 cents on preferred year ag Pacific Power & Light Co, 12 months ended Nov. 30, net income $799,511 vs. $911,023 previous 12 months. Portland Gas & Coke Co. 12 months ended Nov. 30, net income $231,312 vs. $229,575. previous 12 months. Washington Water Power Co., 12 months ended Nov. 30, net income $2,871,643 vs. $3,047, a previous 12 months. Minneapolis, St. Paul & Sault St. Marie Ry. Co., 11 months ended

IO: 30 net loss +3.909,133 vs. $5,-

= Saraet an

Ya | 230 8 | good ies 20a

no important progress as interest ly

Strength in the stock market and |§

STOCKS RISE ON F. D. R. SPEECH; TRADING GAINS

Preferred Issues Up $5;

London Market Open Despite Raid.

NEW YORK, Dec. 30 (U. P). — Stocks advanced to new highs since Dec. 14 in moderate trading today. Gains ranged to more than a point in the main list and to 5 points in some preferred issues. The financial district regarded President Roosevelt's’ speech as constructive. General Baking preferred made the widest gain, selling at 136. General Steel Castings preferred was up 2 points, and American Woolen preferred and Budd Manufacturing preferred up more than 2 points. Several special stocks made new highs for the year. Steel shares weére firm" although gains generally were small. Steel operations rose 18.7 per cent after the holiday week and were 95.9 per cent of capacity, a record high for this time of year.

LONDON, Dec. 30 (U. P). — Trading was continued on the London Stock Exchange today despite the extensive damage wrought throughout the financial district by last night's three-hour German “fire raid.” - Price movements for the most part held to an extremely narrow range, although President Roosevelt’s outspoken “defense” speech made a highly favorable impression on traders. :

were strong.

War stocks Seherally a: a one-poin

Douglas Aircraft ha

ilgain. Railroad equipments firmed.

Coppers gained small amounts and chemicals at their highs were up fractions to more- than a point. Some gains were erased. = Rails, utilities and mercantile shares had small advances. Oils were active and slightly higher. Johns-Manville rose a point. Automobile issues held small advances.

CHICAGO LIVESTOCK 220 Toe. Town shostly steady. io srong: heavier butchers generally 5

to 10c highood and choice 1bs., § , Most 240-280 ibe." butchers, $6.85@17; 290lbs. averages generally [email protected]; REKin Sos 0 down mostly , generally $5.75W

Cattle—Receipts, 17 00 calves, 1000; good and choice fed steers and yearlings, 0 to 25 cents lower; mostly steady . weak; all other grades, 25c¢ off; earl as much as 50c lower on medium to average good offerings only, oN moderate suples sola, mostly [email protected]: early top, 4.50 on Weighty steers; with 15.25 on choice an ime, offerin ngs: best Bo ings, $14; hese scaling 1 1bs.; medium to good grade steers a yearlings predominate eral supply. however, good class steady to 25c lower; medium grades showing most downturn; best fed heifers, 12: 1 10. 50 downward; weight sausage bulls to $5. own; Yqaists choice offerinks, $12.5

g. fat lambs slow:

handy weight summer shorn lamb, $9.15; fat sheep around steady.

OTHER LIVESTOCK

FT. WAYNE, Dec. 30 (U. P.). Tg Senay; 220-240 1bs., $7. 15; 200- 220 bs $7.05; 180-200 1bs., bs... $6.90; 240-260 1bs.. $6.95; 260. ; 2801bs., $6.80; 300-325 1 $6.70, 350- 400 lbs $6.15; 140-150 1bs., $5.90 $0.63: 120-130 1bs., $540: 5.15. Roughs, > 50; stags. $i lambs, $9.5

Saale 000: "stendy to Be over Fri op. 87 SY aad choce 180-330

7.4 ior: § 086. 55. 65. 100.140

Sets: iso: 180 1b S., 130-140

1bs., 100-120 lbs.

$4.25; calves,

for Is; ; 300- 350 eX ® 59S. 90; packing tle — Salab ’ . Calva 250: heifers, weak to lower; cutter to medium lightweight steers and heifers around $6.75@9. hei ers and Sioels greasionally upward $10 and ood 610-1b. heifers at out-

23 possibly slaughter ewes,

NEW are noon cable rates on major currencies: Cable Rates

Mexico ‘(peso 0) (There were no net ‘changes from’ opening rates).

3 TY Fyoub PRICES CHICAGO, Dec. 30 (U. P.) pples— Torn bu., [email protected]. Clty Ales Squares, J0c@$l. omatoes -Flonds, pare: [email protected]. Spinach—Texas, Sa RAL ly ee Carrots — California, crates, Lettuce—Arizona,

Onions (50-1b. sacks) —Minnesota Yellows, 70@80c; Michigan Sons: 5c; Colorado Sweet Spanish, [email protected].

AMERICAN WHISKEY”

7.15 freely; bulk |. R: Bet YaT15;

in run with fed heifers in lib G

mostly | 110

Ts EXCHANGE;

YORK, Dec. 30 (U. P.).—Following| :

New Chairman

On his 30th anniversary with the company, Carleton H. Palmer, president of E. R. Squibb & Sons, has been elected chairman of the board. Lowell P. Weicker succeeds him as president.

PRICES ON HOGS ARE UNCHANGED

Top Remains at $7.35 for 220-t0-230-Pounders; Vealers Gain.

Hog prices did not change at Indianapolis stockyards today, although receipts swelled to 11,500 head, the Agricultural Marketing Service reported. ‘ The top remained at $7.35 for good and choice 220 to 230-pounders.

Vealers rose another 50 cents to a $14 top. The Marketing Service estimated 200 salable cattle were received, 500 calves and 2000 ) sheep.

Receipts 7.675 9,500 3,500 9,125

. 1 rrresssmsesee sts SD . 6.5!

Barrows and Gilts |

Good to Choice Good to 120- 140 $ 5. 9602 6.25 0- 160. .10- 7.10

5.25- 5.50 4.75- 75.50

00 160- 200. 6.50- 7.00 90- 20" %.00- 5.60 Slaughter Cattle & Vealers (Receipts, 2300)

sere | Bulls 1(Y ating excluded) Eis 00 $12. 30-14, 00/Beef-— 900- 13.25-14.75|Go! 7.50- 8.00 1100- 1300; 13.25- 1 75/Sausage— 1300-1500. 13.50-14.75/Good .... 7.50- 7.75 00d — Medium... 6.75- 7.50

75 . 10.50-12.50[Cutter and 90C

0 10. . 10.75-13.50

“ -1100. 8.25-10.75 1] 01300. 8.25-10.75

750- 21100. 7.00- 8.25 Steers, Heifers hoice— a 750. 11.25-12. 75/Choice— Coon 7 750. 9.50-11.25! 800-1050. 9 Heifers 500- 800. Choice— 800-1050. 750- 900. 11.00-12.25|Medium— Goo | 500-1000. 730: 900. 9.50-11. SUCOMMI 36o- "900. 7.75- 9.501 : Common— Goo 500- 900. 6.25- 7.75! Mea! down. 5. 00-11.00 um-— 0 down. 8.00- 9.00 6.75- 1. 75) S00 ow (heifers) 6.25- 6.753008 and choice— Mw and | 500 down. 8.25-10. 00 common 5.00- 6.25|Medium Canner... 4.00- 5.00! 500 down. 7.00- 8.25

SHEEP AND LAMBS (Receipts, 1810) Lambs Good and choice ......... canis 2.55- 9.75 Medium an oy 5- 9.00 0! % 00- 8. 00

a3 50-14.50

alir 0- 8 00 Stocker "Catile (Receipts, 660)

3 nh 00 '9.25-10.00

8.25- 9.2 8.25- 9. 2

17.25- 8.25 .00- 7.25

Yearling Weathers good and choice c..viiiinrences 7.75- .8.50 MediUm vores iienainninnas sense 1.235- 1.15 Ewes (wooled)

Good and choice 3 25- 4.00

SLACKENING N'

BUILDING PACE IS PREDICTED

Economist Believes Volume Next Fall May Drop 5 Per Cent.

NEW YORK, Dec. 30 (U. P.).—~The 1941 building and construction oute look calls for only “subdued optie. mism, * L. Seth Schuitman, consult ing economist, said today, asserting ° that next year’s voluine may fall as much as 5 per cent below 1940. Despite mounting defense needs, Mr. Schnitman said, there is “just enough on the horizon” to warrant. a conservative attitude toward next year’s prospects. “In the first place,” he sald, “the 11 per cent construction increase for 1940 over 1939 marks the seventh consecutive annual gain since the depression low. Historically, the construction cycle never has shown . a time when the industry was able to make it eight in a row, though it be true that the transit from low--to high usually consumes about 11 years before going into broad re verse.” The economist also called atten= tion to “current upheavals” in building costs which, he said, are now virtually at all-time highs. “Such a phenomenon . . . at least suggests a breathing spell, prombly to be manifested during the final half of 1941 insofar as construction awards may be concerned, though admittedly actual construction exe penditures to flow from projects als ready under contract and yet to be placed will not peak until months thereafter.” “This would mean an increase of only about 2 per cent over the 1939 total, the figures for the final half of which were heavily weighted by defense projects,” he said. “On ine dications other than those mene tioned it should occasion no surprise if the volume falls below that for 1940 by as much as 5 per cent.”

CRUCIBLE STEEL CO. SECURITIES OFFERED

NEW YORK, Dec. 30 (U. P.).—An underwriting group headed by Mellon- Securities Corp., today offered 15 million dollars in 15-year 3% per

‘89 | cent sinking fund debentures of the

Crucible Steel Co. of America. The debentures, due Dec. 1, 1958, were priced at 99%, exclusive of ace crued interest, Net proceeds, approximating $14,» 587,000, will be used in part for redemption of the company's out= standing 10-year 412 per cent deben= tures, Series A, due Aug. 1, 1948. The remainder will be added to cash funds.

GOLD OUTPUT GAINS MANAGUA, Nicaragua, Dec. 30 (U. P.).—More than $6,000,000 of mined gold has been exported to the United States in the last 11 months. Officials expect next year’s produce tion to be double that.

South Africa Spends $100,000,000 Annually For U. S. A. Supplies

There are no obstacles to this American export trade. American ships leave New York for Cape Ports twice weekly. Exchange control ts favorable. vedi stalus excellent.

South African National Publishers offer counsel. Apply to their American representatives. JOSHUA B. POWERS, INC. 220 East 42nd Street -

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